Lease To Purchase Agreement

Lease To Purchase Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Lease to Purchase Agreement for a commercial warehouse in Dubai Industrial City, with a 2-year initial lease period starting March 2025 and an option to purchase at the end of year 2, including specific provisions for heavy machinery installation and 24/7 operation permissions."

Document background

The Lease To Purchase Agreement is a specialized contract used in the UAE real estate market when parties wish to combine a property lease with a future purchase option. This arrangement is particularly valuable in the UAE's dynamic property market, allowing potential buyers to occupy and evaluate a property before committing to purchase. The agreement must comply with UAE Federal Laws, including the Civil Code and Property Laws, as well as specific emirate-level regulations such as Dubai's Law No. 26 of 2007 for tenant relationships and Law No. 13 of 2008 for property registration. It's commonly used when buyers need time to arrange financing, want to test the property's suitability, or prefer a gradual transition to ownership. The document includes detailed provisions for both the lease period and purchase option, covering rent payments, maintenance responsibilities, option fees, purchase price, and the mechanism for exercising the purchase option.

Suggested Sections

1. Parties: Identification of lessor/potential seller and lessee/potential buyer, including full legal names, Emirates ID numbers, and contact details

2. Background: Context of the agreement, including property ownership status and parties' intentions regarding lease and potential purchase

3. Definitions: Key terms used throughout the agreement, including Property, Lease Period, Purchase Option, Option Fee, and Purchase Price

4. Property Details: Comprehensive description of the property, including location, size, type, and registration details

5. Lease Terms: Lease duration, rent amount, payment schedule, security deposit, and maintenance responsibilities

6. Purchase Option Terms: Option period, purchase price, option fee, and mechanism for exercising the purchase option

7. Payment Terms: Details of all payments including rent, option fee, purchase price, and how lease payments may be credited toward purchase

8. Property Condition: Current condition of property, required maintenance, and condition requirements for purchase

9. Exercise of Purchase Option: Process and requirements for exercising the purchase option, including notice requirements and timeline

10. Title and Registration: Provisions regarding property title, registration requirements for both lease and potential sale

11. Default and Remedies: Consequences of default under either lease or purchase provisions, available remedies

12. Governing Law and Jurisdiction: Specification of UAE law application and relevant emirate jurisdiction

13. Notices: Process for formal communications between parties

14. General Provisions: Standard contract clauses including entire agreement, amendments, and severability

Optional Sections

1. Mortgage Contingency: Include when buyer may require mortgage financing to complete the purchase

2. Property Management: Include for properties in managed communities or with specific maintenance requirements

3. Insurance Requirements: Include when specific insurance coverage is required during lease period

4. Early Purchase Option: Include if early exercise of purchase option is permitted with specified terms

5. Broker Provisions: Include when real estate brokers are involved in the transaction

6. Sharia Compliance: Include when parties require explicit Sharia compliance provisions

7. Foreign Ownership Provisions: Include when either party is a non-UAE national

8. Service Charges: Include for properties in developments with service charges or community fees

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specification, including floor plans, boundaries, and included fixtures

2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including rent, option fee, and purchase price installments

3. Schedule 3 - Property Condition Report: Detailed assessment of property condition at lease commencement

4. Schedule 4 - Property Title Documents: Copies of relevant title documents and registration certificates

5. Schedule 5 - Service Charges: Details of any applicable service charges or community fees

6. Appendix A - Required Documents: List of documents required for lease registration and property transfer

7. Appendix B - Property Handover Protocol: Procedures for property handover at lease commencement and purchase completion

8. Appendix C - Notice Forms: Template forms for exercise of purchase option and other formal notices

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Office Space

Manufacturing

Warehousing

Mixed-Use Development

Healthcare Facilities

Educational Facilities

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Compliance

Property Management

Asset Management

Investment

Risk Management

Commercial Operations

Business Development

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Contract Manager

Chief Financial Officer

Facilities Manager

Real Estate Agent

Property Developer

Asset Manager

Investment Manager

Operations Director

Compliance Officer

Real Estate Investment Advisor

Commercial Director

Property Portfolio Manager

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